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Dec 31, 2024
Canadian Solar Q4 2024 Earnings Report
Canadian Solar reported a challenging Q4 2024 with a decline in revenue and profitability impacted by impairments and lower module prices.
Key Takeaways
Canadian Solar reported Q4 2024 revenue of $1.52 billion, reflecting an 11% year-over-year decrease. Net income attributable to shareholders was $33.9 million with EPS of $0.48. Non-GAAP adjusted net loss reached $98.6 million, translating to a loss per share of $1.47. Despite margin pressures from lower module ASPs and impairments, storage shipments hit a record high and contributed positively to overall results.
Q4 2024 revenue reached $1.52 billion, down 11% year-over-year.
Net income attributable to Canadian Solar was $33.9 million with EPS of $0.48.
Adjusted net loss stood at $98.6 million, with a non-GAAP EPS loss of $1.47.
Record quarterly e-STORAGE shipments totaled 2.2 GWh.
Canadian Solar
Canadian Solar
Canadian Solar Revenue by Segment
Revenue by Segment
CSI Solar Revenue
CapyFin.comRecurrent Energy Revenue
CapyFin.comEliminations Revenue
CapyFin.com Forward Guidance
For Q1 2025, Canadian Solar expects total revenue between $1.0 billion and $1.2 billion, gross margins between 9% and 11%, and total module shipments between 6.4 GW and 6.7 GW. Full-year 2025 projections reiterate total module shipments of 30-35 GW and battery energy storage shipments of 11-13 GWh.
Positive Outlook
- Total Q1 2025 revenue expected between $1.0 and $1.2 billion.
- Module shipments projected to reach 30-35 GW for FY 2025.
- Storage shipments forecasted between 11 and 13 GWh for FY 2025.
- Strong contracted storage backlog provides multi-year revenue visibility.
- Continued cost efficiency improvements expected across supply chain.
Challenges Ahead
- Lower margins anticipated in Q1 2025 due to seasonally smaller storage volumes.
- Ongoing trade-related duties and tariffs impacting margins.
- Potential margin pressure from Recurrent Energy project asset sales.
- Continued market consolidation weighing on solar pricing.
- Geopolitical and macroeconomic uncertainties creating operational risks.
Revenue & Expenses
Visualization of income flow from segment revenue to net income